With the number of cancer patients increasing, the global oncology market is set to grow at a rapid rate. This is primarily attributed to the growing awareness of new cancer therapies and rising patient awareness. At the same time, private and public organizations collaborate to develop new treatments. As a result, the Biotherapies segment is expected to emerge as a dominant player, contributing to the market growth. Moreover, demand for more efficient workflows and shorter turnaround times is expected to drive this market's growth.
The market for oncology treatments is set to surpass USD 270.5 billion by 2022, a growth rate of 10.2 percent. The rising incidence of cancer has also increased the burden of the disease. Furthermore, pharmaceutical companies focus on developing novel treatments for the disease, leading to better treatment options for cancer patients.
While conventional treatments are still the primary stay of the oncology industry, the growing popularity of new cancer therapies is expected to drive demand. However, the cost of developing new treatments for cancer patients is a significant challenge for pharmaceutical companies. Furthermore, new cancer therapies can have substantial side effects, limiting the market's growth. Despite these drawbacks, the growing population of cancer patients is a significant growth driver for the oncology industry.
While the FDA has traditionally been accommodating to new oncology medicines, the agency is moving towards increased regulatory scrutiny. In the past few years, several companies have received complete response letters from the agency regarding chemistry, manufacturing, and controls. The FDA is likely to continue this trend in the coming years. The agency has already handed out two complete response letters for 2022, including one for Gilead Therapeutics' magnolia.
Keytruda and Opdivo are the leading contenders in the second-line NSCLC market. Moreover, they have different indications. Opdivo is approved for first-line treatment of melanoma, while Keytruda is approved for second-line treatment of NSCLC. Therefore, Keytruda and Opdivo could have a close battle for market leadership in 2022.
Advances in precision medicine and immunotherapy are transforming the oncology industry. For example, new diagnostic tests will help physicians determine the best-personalized treatment course for cancer patients. Previously, physicians relied on chemotherapy and radiation to treat cancer patients. But today, new treatments are advancing at a rapid rate. These breakthroughs could make chemotherapy and radiation obsolete. But, there is still a lot of work to be done.
The Global Oncology Market is divided into two main segments: Diagnostics and Therapeutics. The Diagnostics segment accounts for more than half of the market. It comprises a wide range of pharmaceutical products. Therefore, the pharmaceuticals market has the highest potential to drive revenue growth. Further, this market is segmented by the type of cancer.
Imbruvica, the first-in-class BTK inhibitor, has risen rapidly and has already crossed the blockbuster sales threshold. This means it will be an attractive option for patients with rare cancers. In addition to CLL, Imbruvica is a critical player in the second-line CLL market. It is also being evaluated for treating previously treated disease conditions such as multiple myeloma and Waldenstrom macroglobulinemia.
As cancer research moves forward, patients will demand more personalized care. As a result, innovative oncology therapy selections will be based on evidence-based management strategies. In addition, digital technology and virtual care will be embraced by the industry. As a result, oncology patients are becoming more aware of the importance of patient-centered care, including access to health care providers on demand.